Helium Market is expected to reach US$ 7.25 Billion by 2031

High Demand for Helium from Healthcare Industries Bolster Helium Market Growth

According to our latest study on "Helium Market Size and Forecast (2021–2031), Global and Regional Growth Opportunity Analysis – by Type, Application, and End-Use Industry," the market size is expected to grow from US$ 4.62 billion in 2023 to US$ 7.25 billion by 2031; it is estimated to register a CAGR of 5.8% from 2023 to 2031. The helium market report highlights key factors driving the market growth and prominent players along with their developments in the market.

Increasing population, rising technological advancements, and evolving patient needs are driving the growth of various healthcare industries across the world. Australia, China, India, Indonesia, Japan, New Zealand, South Korea, Thailand, and Vietnam, among others, are key enablers of their growth in Asia Pacific. The notable helium market growth in these countries is attributed to a significant population base and the rising number of pharmaceutical companies. Asia Pacific accounts for more than 60% of the global population, which serves as an immense commercial opportunity for biopharmaceutical, medical device, and healthcare companies. The region has also emerged as one of the most prominent healthcare technology investment destinations in the world. Moreover, the population in several Asia Pacific countries is rapidly aging ,  boosting the need for hospitals, home healthcare, and hospice care. The healthcare sector is one of the primary end users of helium. It plays a vital role in medical imaging, particularly in magnetic resonance imaging (MRI) scanners. It acts as a cooling agent for superconducting magnets that are essential for the machine's function. Helium also finds significant applications in cryogenics in healthcare, wherein its extremely low temperature is utilized to preserve biological samples. The element is also employed in medical equipment such as lung ventilators, where a mix of oxygen and helium aids patients suffering from respiratory issues by reducing the density of the gas mixture.

Helium Market Breakdown – by Region

The availability of helium on Earth is dwindling at an alarming rate. This scarcity is driving concerns about its conservation and has spurred interest in developing innovative methods for helium recycling. Moreover, with an inevitable price increase due to scarcity, a well-established helium recycling infrastructure is expected to provide a competitive edge to market players. Helium recovery systems serve as a promising technique for helium recycling. Cryogenic distillation is also gaining popularity as a helium recycling method. This process relies on cooling the mixture to extremely low temperatures until it liquefies. Another helium recycling method uses membrane separation technology in which a semipermeable membrane selectively separates helium from other gases based on particle size or solubility differences. It effectively acts as a sieve that traps larger particles while allowing smaller ones, such as helium, to pass through. In addition, by recycling and reusing helium instead of continually sourcing it from finite natural reserves, companies can reduce their operational costs significantly. Thus, primary helium production and helium recycling are expected to emerge as key market trends during the forecast period.

The helium market analysis has been performed by considering the following segments: type, application, and end-use industry. Based on type, the market is bifurcated into liquid and gas. The gas segment is anticipated to hold a significant helium market share by 2031. Based on application, the market is segmented into breathing mixes, cryogenics, leak detection, pressurizing and purging, welding, controlled atmosphere, semiconductors, MRI, and others. Based on end-use industry, the market is segmented into aerospace, automotive, electronics and semiconductors, power, healthcare, welding and metal fabrication, recreation or events, and others. The MRI segment is anticipated to hold a significant helium market share by 2031.

In terms of revenue, Asia Pacific dominated the helium market in 2023. China is a significant market for helium in this region. It is the world's largest manufacturing hub, with the presence of diverse industries. It is also at the forefront of passenger car and commercial vehicle production, and electronic product assembly. The government of China has introduced the "Made in China 2025" initiative, which further drives its manufacturing sector. Helium is a critical component in the manufacturing of semiconductors, including a wide range of electronic devices and fiber optics. Its use as a leak detection gas further solidifies its importance in the technology sector.

India has emerged as a significant player in electronic manufacturing with the Government of India's "Make in India" initiative and various incentives attracting multinational companies to build production facilities in the country. In September 2022, the Government of India revamped its US$ 10 billion Production Linked Incentive (PLI) scheme to provide up to 50% of total project costs as co-funding for building semiconductor fabs and display fabs. In February 2024, the Government of India approved the construction of three semiconductor plants by companies such as Tata Group and CG Power, with a total valuation of US$ 15.2 billion. Thus, the growing emphasis on semiconductor manufacturing drives the demand for helium in India, which is used to rapidly cool down chips during the production process.  

The helium market trends include primary helium production and helium recycling. The vast majority of the world's helium is produced as a byproduct of natural gas extraction, which is known as secondary helium. Primary helium, also known as pure-play helium, is produced through a process that doesn't involve methane production (a hydrocarbon and a significant component of natural gas/LNG). It is a carbon-neutral process that enables production at a high rate; the pace of production can be attributed to the fact that primary helium production is not indexed to natural gas production. The production of primary helium can bring stability to a commodity that is in short supply and difficult to store/transport. The secondary helium extraction process is not flexible enough to produce additional helium when required. When secondary helium producers intend to increase their helium output, they also need to produce more natural gas in tandem, necessitating an upsurge in the production capacity of their facility and selling more natural gas.

The helium market forecast can help stakeholders effectively plan their growth strategies. L'Air Liquide SA, Linde Plc, Weil Group Resources LLC, Air Products and Chemicals Inc, Messer SE & Co KGaA, Avanti Helium Corp, nexAir LLC, Renergen Ltd, American Gas Products Inc, Praxair Technology Inc, Nippon Sanso Holdings Corp, Exxon Mobil Corp, PGNiG SA, Gulf Cryo LLC, and Advanced Specialty Gases are among the prominent players profiled in the helium market report. These market players focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as new product launches, capacity expansions, partnerships, and collaborations to stay competitive in the market. For instance, in March 2024, Avanti Helium Corp signed an exclusive helium marketing agreement with the Edelgas Group, allowing for the marketing and sale of Avanti's helium gas and liquid products.

The helium market is segmented on the basis of type, application, end-use industry, and geography. Based on type, the market is bifurcated into liquid and gas. In terms of application, the market is segmented into breathing mixes, cryogenics, leak detection, pressurizing and purging, welding, controlled atmosphere, semiconductors, MRI, and others. Based on end-use industry, the market is segmented into aerospace, automotive, electronics and semiconductors, power, healthcare, welding and metal fabrication, recreation or events, and others. By geography, the helium market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The helium market in the Middle East & Africa is subsegmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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